CAGAYAN DE ORO CITY — The local government and business organizations here is optimistic that the Chinese New Year festivities in the city will reel in millions of pesos for local businesses.

Oro-Trade Investments Promotion Center head John Asuncion said that the scheduled dragon boat race alone would mean more than P1 million in sales for entrepreneurs in a day.

“It’s a conservative estimate. A paddler spends P1,000 a day and some will spend more when they book in hotels and other tours,” Asuncion said.

This year’s dragon boat race will have at least 500 participants, excluding race officials and guests.

Last year, the athletes numbered 528, according to Asuncion, who heads the private sports organization, Dragon Boat Kagay-an, Inc., before he was appointed TIPC chief.

“Each team has its separate budgets, that is why this event would fall under sports tourism since they will spend their own money here in the city, and this will go back to the city,” he said.

The two-day 2nd Mayor’s Cup Spring Festival Dragon Boat competition will be held on 17 to 18 February 2024.

Meanwhile, lion dances will be held in various public spots from 11 to 17 February including at the City Hall and Gaston Park on 15 February.

City Council’s tourism committee chairman Councilor Jay Pascual stressed that the Chinese New Year celebration is an opportunity for Filipino-Chinese residents to share their culture with the community.